Rental outlook for Brisbane’s Inner-West
Rental properties in Brisbane’s inner-western suburbs have long been in high demand.
Tenants are drawn to suburbs such as Toowong, Indooroopilly, Auchenflower and Taringa because of the quality housing, inner-city lifestyle and short commute times to the CBD and University of Queensland.
Currently in Brisbane’s rental market, we are still seeing demand for rental properties within these suburbs, however there are noticeably fewer tenants looking to find a home.
Corporate relocations & executive rentals
The impact of the pandemic has meant that we’ve lost the international students and oversees contract workers in addition to inter-state migration, which often drives the top end of the rental market in Brisbane.
Workers who would normally move to Brisbane on a three year contract, are no longer doing so, or engaging a relocation expert to secure an executive rental property for their family.
There are a select number of tenants searching for properties over $1,000 per week however enquiry levels have fallen a little.
As a result of this, high end, luxury rental properties are taking a little longer than usual to lease, if landlords won’t consider adjusting their rental expectations to attract a suitable tenant.
Young professionals seek quality houses
Conversely, three or four bedroom homes asking between $550 and $800 per week continue to be highly sought-after in Brisbane’s inner-western suburbs.
These homes are attracting young professionals who are secure in their employment and can move more freely than families may be able to at this time.
15 Musgrave Street, Toowong was recently leased for $565 per week after we received over 60 enquiries from eager tenants. In a similar situation, 25 Jones Street, Highgate Hill was available for just ten days after nine groups viewed the property and it was quickly leased for $650 per week.
New doesn’t always equal better
Apartments are seeing varied results in Brisbane’s current rental market. Whilst there are still a large number of newly built apartments sitting vacant, those which offer more spacious interiors, generous balconies or ample room to work from home, are standing out in the apartment sector.
1/58 Lang Parade, Auchenflower is a great example of this. The two bedroom apartment, which was built in the mid 90’s, attracted good levels of interest from tenants who were drawn to the large balcony and leafy outlook over Dunmore Park.
Despite another apartment in the same building being available for rent, we successfully leased this home for $20 per week higher than the competition. Four applications were presented to the landlord to consider and the spacious apartment was quickly leased for $420 per week.
Advice you can trust
The pandemic has created challenging circumstances over the last few months and in response, the Queensland Government introduced new laws for tenants and property owners affected by COVID-19. However, the evolving health advice has meant that these rules relating to Brisbane’s rental market are constantly changing.
As property managers, we strive to be proactive about the issues facing our landlords and tenants which is why we subscribe to a rental advisory board. This team of experts keeps us up to date with the most current advice from state and federal governments, ensuring we can offer the latest advice to our clients.
Because of this, less than 10% of our tenants are on rent relief due to COVID-19. We have been able to work with our landlords and tenants to overcome challenges, finding an acceptable outcome for all. Our routine inspections have been transitioned to tenant assisted virtual inspections, enabling us to protect the value of our landlord’s properties, as well as ensuring the health and safety of our tenants.
As the extent of the pandemic continues to unfold, we are taking every step possible to protect the interests of our clients. If you would like to know how we can help you manage your investment property seamlessly, please contact Byrony on 0412 132 480.
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